Generally,neither a "Time Is of the Essence" Clause nor a "Force

question 6

True/False

Generally,neither a "time is of the essence" clause nor a "force majeure" clause will be recognized by the courts because these types of clauses are seen as a violation of public policy.

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Definitions:

Cost Method

An accounting method used to value an investment, based on the cost to acquire it, without considering its fair market value changes.

Voting Shares

Shares that grant the holder the right to vote on corporate matters, typically related to company governance.

Bonds Payable

Long-term liabilities on a company's balance sheet, representing the amount owed to bondholders by the issuer.

Straight Line Amortization

A method of allocating an asset's cost evenly over its useful life.